[BigSister]

Yeah I do and im gutted. My mum works there too

[Scarlett.]

Thats bad
Like I said on Facebook, I hope you both find somewhere new to work

[30stone]

Are woolworths not getting bailed out like most shops?

[Magic]

Originally posted by pinkmichk
its rubbish so close to christmas always thought woolies were busy (well they are near me) but if they having to clear out stock i'm going to be there for some bargins

When ever I go in the one near me its packed to.
Shame, for some reason it reminds me of when TOTP went, as we thought, for ever. Its like a national icon of the past 50 years.

[Scarlett.]

Originally posted by 30stone
Are woolworths not getting bailed out like most shops?

I think the goverment is trying to avoid it

[BigSister]

Yeah thanks chewy

[~Kizwiz~]

Originally posted by BigSister
Yeah I do and Im gutted. My mum works there too

Awwww honey

I'm so sorry, I worked for a company that went bust many many years ago and it was a massive shock.

Chin up sweetie xxxx

[Callum]

Aw Becca I hope you and your mum can find a job elsewhere, this must be gutting for you both.
I'm sad about this too I used to love going in Woolworths and seeing all the new toys when I was little, this will effect music sales as well because they're a big seller. I remember the pick'n'mixes too, they were great. I've always liked MFI too in fact only recently a new one opened up in my town.

[MrGaryy]

Originally posted by Annie
It used to be the best place to go when you were a kid like!

OMG, i used to adore it when I was a kid it had everything a wanted! I still get a little excited when I go in.

[Red Moon]

Woolworths would have been 100 years old next year!

The latest, and sorry BigSister it's not good.

Woolworths set for administration

High Street legend Woolworths has buckled under its debt and is set to go into administration, BBC business editor Robert Peston has learned.

The move will put tens of thousands of jobs at its 815 stores under threat.
The board of Woolies - one of the UK's oldest store groups - is meeting to take the formal decision.

Deloitte will be appointed as administrators to the store chain and also to Entertainment UK, which supplies DVDs to supermarket groups.

However, Woolworths joint venture with BBC Worldwide, publisher 2 Entertain, will not go into administration as it is owned by Woolworths' parent company. And all stores will remain open and keep trading, at least for now. Money has been ring-fenced so that salaries will be paid to staff as normal on Friday, a spokeswoman added.

Our business editor says that Woolworths has been something of a lame duck retailer for years, losing market share against intense competition.

The company's weak position was also the reason why the government did not intervene to rescue it.

"Government policy is not to prop up lame ducks," our business editor said.

Peter Mandelson, the business secretary, had been in contact with the company on Wednesday, to ensure that if it went into administration, it would minimise the anxiety to its employees.

The company has been asked to do what it can to protect its pension fund, and keep its stores open if possible during the vital Christmas period.

The UK's Woolworths has no connection with several retail chains around the world that carry the same name.

The news of Woolworths' demise comes on the same day that furniture chain MFI announced that it was to go into administration.

The company had asked its landlords for a rent-free period to help sort out its financial problems.

However, the troubled company with its more than 1,000 staff, failed to reach an agreement.

MFI had suffered several years of financial trouble. Only last September, as part of a management buyout led by chief executive Gary Favell, 81 loss-making outlets were placed into administration.

Now the remaining 110 stores could face closure.

The collapse of Woolworths is also likely to lead to thousands of redundancies with the store chain employing 25,000 people and Entertainment UK employing 5,000.

The shopworkers' union Usdaw said the news was "devastating" for staff.

"We were hopeful that a last minute deal would be done and will want to meet with the administrators as soon as possible," the union's national officer John Gorle said.

The company has struggled under the weight of £385m of debt. Its problems were compounded over the past couple of months when it was forced to pay cash when buying goods from suppliers, because trade credit insurers were no longer prepared to insure suppliers to Woolworths.

During the past few days the company had tried to sell itself for a nominal price of £1, where the new owner would have to take on the firm's debt.

US restructuring firm Hilco was rumoured to be a potential buyer, with the BBC's commercial arm set to take over Woolworths' share in music and film publisher 2 Entertain.

Earlier this week, Woolworths' largest shareholder - property tycoon Ardeshir Naghshineh - had called on Woolworths to delay plans to sell parts of the business.
Mr Naghshineh said the firm should instead look at making money by selling of some of its outlets.

In the end Woolworths' board ran out of time.

Source: BBC

[BigSister]

Yes i know thats the latest I know we should know more tommorow
And thanks for all your kind words

[Red Moon]

Originally posted by BigSister
Yes i know thats the latest I know we should know more tommorow
And thanks for all your kind words

Good luck to both of you... we will be thinking of you.

[Jackie]

Yeah good luck Big Sister.

[matchfit]

well see you this weekend i got 5 pound

[Angel.D]

This is so sad i will miss both

[Red Moon]

Theo Paphitis linked with Woolworths rescue bid

Dragons' Den star Theo Paphitis is apparently one of several bidders interested in saving Woolies...

Theo Paphitis, the entrepreneur best known to the British public as the slightly scary one off Dragons’ Den, is reportedly interested in putting together a bid to save some of Woolworths’ most profitable stores, thus keeping the 99-year old brand on the high street. Woolies finally collapsed into administration last week, and apparently Deloitte (which has been appointed to oversee the process) has received ‘substantial interest’ from external parties in cherry-picking some of its best assets.

Talks with these potential bidders are ongoing – but time is not on their side. Not surprisingly, most of Woolies’s suppliers are refusing to provide any more stock to the ailing chain – leaving the chain in serious danger of running out of its best-selling lines in the run-up to Christmas and potentially hastening its demise. And we’d be very surprised if its staff weren’t all trying to get out of there as quickly as possible, to avoid being dragged down in the wreckage.

However, Paphitis is apparently willing to throw the company a lifeline. And to be fair to the London-based entrepreneur, he doesn’t just make his living snarling at hapless entrepreneurs on BBC reality shows. He also has a successful track record in turning around failing businesses, including stationers Ryman and Partners, and also lingerie chain La Senza, which by all accounts has had a storming few months, shrugging off the downturn with aplomb (presumably women will always need lingerie). Judging by his recent documentary, staff at his stores can expect him to turn up unannounced and shout at them – but that’s probably better than being unemployed.

There’s clearly still a lot of affection for the Woolworths brand among the British public – and judging by the crowds in a store MT visited on Saturday, shoppers haven’t deserted it altogether (unless it was just bargain-hunters hoping for a fire sale). So you can see why buyers are interested. Plus of course it still has a few great assets – notably some great high street locations, and its profitable distribution arm Entertainment UK. Largest shareholder Ardeshir Naghshineh is one of those planning a bid, according to yesterday's Indie.

So this potential Paphitis bid throws up another possible solution: perhaps the Woolies rescue should be turned into a reality TV show, with one potential bidder being whittled out each week following a business challenge – a sort of match made in heaven between the Apprentice and X Factor, to whip up some more public support? You heard it here first...

Source:Management Today

[NettoSuperstar!]

the likes of Asda, Tesco do the same stuff cheaper it was bound to happen

[NettoSuperstar!]

MFI sell ****

[Jackie]

Made
For
Idioits

[MarkWaldorf]

Are Woolworths getting new stock? I went to two different ones yesterday and there were no new CDs there.

[Jackie]

Originally posted by Markus
Are Woolworths getting new stock? I went to two different ones yesterday and there were no new CDs there.

Well they've been withdrawn from their supplier.

[BigSister]

not yet mark hoping Thursday though *crosses fingers*
But yeah we havent got Britney yet or take that

[Jackie]

I've just seen on the newstheir closing down sale starts tomorrow as they've failed to get a buyer,their website is down at the moment.

[pinkmichk]

i just heard that is a shame i really feel for everyone who is facing loosing jobs so close to christmas

[Jackie]

WOOLWORTHS will have a final closing down sale tomorrow.
Administrators running the store announced today that everything must go because a buyer has not been found.

Neville Kahn, reorganisation services partner at Deloitte, said: “We continue to make every effort to convert interest in the Woolworths assets into firm offers.

"While we are still seeking bids from interested parties, Christmas is clearly the busiest time of the year for retailers and it is prudent to do all we can to sell existing stock.

"By moving to a store closing sale and further discounting the stock, we are maximising the sales potential that this period offers."

Deloitte, the accountants appointed to the iconic high street retailer last month, will be telling staff they have been “unable to find a buyer”.

The move comes despite a last-ditch effort by Sir Geoff Mulcahy, the retail veteran and former Woolworths owner, to save the brand.

He offered to take on around 650 stores and pay back some of the £385 million debt owed by Woolworths to the banks on Friday.

It is understood he made another offer for 500 stores yesterday afternoon.

Both approaches were rejected.

Deloitte’s move could be to put pressure on any remaining potential bidder to show its hand.

But the Sun understands that dozens more support staff were laid off earlier today. Deloitte axed 450 head office workers last Friday.

The accountants is expected to earn up to £20million in fees from its work at Woolworths.

Yesterday Sir Geoff — chairman of the British Retail Consortium — told the Sun: “You have 25,000 staff at Woolworths and there must be a way of trying to save this business.

“It’s late in the day — but there’s still a possibility. We’re considering a number of options.”

But last night industry sources claimed the tycoon was likely to be disappointed.

Administrators have agreed to sell 50 Woolworths stores to Iceland, the frozen food retailer.

And it is understood there are separate deals in place for a further 350 stores to a range of supermarkets and discount chains.

One insider told The Sun that Entertainment UK — the wholesale CD and DVD arm of Woolworths — would also be liquidated within days.

This will leave up to a dozen of the world’s biggest film and music studios out of pocket.

Microsoft is owed around £26million by EUK, Nintendo an estimated £21million and Paramount £32million.

All EUK’s main customers — Sainsbury’s, Morrisons, Asda and Zavvi — are already sourcing their music and film products from other wholesalers. The insider said: “It’s almost over.

A closing-down sale offering 50 per cent discounts is still running.

Sir Geoff was part of a consortium that bought Woolworths from its American owners 26 years ago.

He led a three-man management team that ran the business and went on to build Kingfisher — a multi-billion conglomerate owning Woolworths, Comet and B&Q.

Woolworths was then de-merged on to the stock market as a separate business in 2001.

At the time its annual profits were £130million and Sir Geoff said he was “extremely positive” about its growth potential.